Are books tax deductible?

[IanIan]

Thanks for the response.

Ever get that nasty feeling when you think you've failed to notice an entire class of expenses?

[thunderlizard]

No I don't, because I have been born with an uncanny ability to tell the difference between "work" and "not work".

Books I need to read in order to be proficient at my job in the software development business = work.
Books I like to read because I love their stories about a school full of wizards = not work.

[FarmerPalmer]

No I don't, because I have been born with an uncanny ability to tell the difference between "work" and "not work".

Books I need to read in order to be proficient at my job in the software development business = work.
Books I like to read because I love their stories about a school full of wizards = not work.

Anthill Inside

[Pickle2]

Books I need to read in order to be proficient at my job in the software development business = work.
Books I like to read because I love their stories about a school full of wizards = not work.

Bet you wish it was the other way around though..

[Ruprect]

No I don't, because I have been born with an uncanny ability to tell the difference between "work" and "not work".

Books I need to read in order to be proficient at my job in the software development business = work.
Books I like to read because I love their stories about a school full of wizards = not work.

May be for you sunny jim, but I consider them completely tax deductible.

- Albus Dumbledore

[poppy01]

Books are not always allowable - the expense has to be incurred "wholly exclusively and necessarily in the performance of the duties of the employment". If a book puts you in a position to do the job then that expense is not in the performance of the duties - the HMRC view is at http://www.hmrc.gov.uk/manuals/senew/SE32435.htm

Bob

nitpicky to say the least, these books can be for training purposes, but equally for reference material when coding.. just claim for them...

[IanIan]

No I don't, because I have been born with an uncanny ability to tell the difference between "work" and "not work".

Ooo, I'm like the opposite. Unless its something menial like sweeping up in a warehouse.

[Little'Old Me]

Expense v Capital allowances

CA cease from 2008/09 tax year! Its been replaced by AIA (Annual Investment Allowance)

So what you should be looking at is expense v asset.

I have a simple way of applying the difference - an expense has no value once the money is spent whereas an Asset still hold a value and can be sold!

Software used be an asset, but if you can't sell it on, or without the updates it has no value - it is no longer an asset but an expense.

[Grinder]

Even computer equipment is 100% write-down in first year (ie expense) is it not?

In fact, if the scheme is still available you can write-off a low emission (<100co2) car in year of purchase.

I wouldn't worry too much about a book - is the tax man coming after you for these trifles!??!

[spig]

Even computer equipment is 100% write-down in first year (ie expense) is it not?

In fact, if the scheme is still available you can write-off a low emission (<100co2) car in year of purchase.

I wouldn't worry too much about a book - is the tax man coming after you for these trifles!??!

My accountants in the past have told me there's a 3 year write down on computer equipment.